Venus Remedies has signed a memorandum of understanding (MoU) with South African pharmaceutical firm Austell Laboratories to exclusively outlicense its flagship product, Elores, in South Africa.
A novel antibiotic adjuvant entity that effectively counters serious hospital-acquired infections caused by multidrug-resistant extended-spectrum beta-lactamase (ESBL) and metallo-beta-lactamase (MBL)-producing gram negative bacteria, Elores is likely to be launched in South Africa by mid-2015, said Pawan Chaudhary, Chairman and Managing Director, Venus Remedies
The overall systemic antibacterial market of South Africa is worth $275 million and growing at a compound annual growth rate (CAGR) of 10.5 per cent. Elores will cater to the needs of about 40 per cent segment of this market. “Venus Remedies is projected to generate a cumulative revenue of $20 million within five years of the launch of Elores in South Africa,” said Chaudhary.
Globally, the systemic antibacterial market, which is growing at a CAGR of 7.2 per cent, is set to reach $44 billion by 2016. The infections caused by multi-drug-resistant ESBL/ MBL-producing gram negative bacteria which Elores is capable of fighting comprise 25 per cent of this market, thus creating a tremendous opportunity for Venus Remedies.
The Patna Technology Expo was organised by the Federation of Indian Chambers of Commerce and Industry (FICCI) in association with the Department of Science and Technology (Government of India), Lockheed Martin Corporation, Indo-US Science and Technology Forum, Stanford Graduate School of Business and the IC2 Institute, University of Texas, Austin. The event offered a unique platform to the top innovators to showcase their innovations and sign global marketing deals.
Dr Manu Chaudhary, Director, Research, Venus Medicine Research Centre, who received the cash prize for Elores as the ‘Number 1 Innovation of 2013’, said, “We are delighted to be a part of this unique endeavour that not only identifies and appreciates the innovative technologies with commercial potential but also supports the innovators of these technologies by providing them entrepreneurship training and business development assistance for successful commercialisation in the global marketplace.”
She said, Venus Remedies had been participating in this innovation growth programme since 2010 and had received gold medals for its research products Ampucare, a wound-healing drug, and Trois, a nano-technology emulsion for arthritis, in 2010 and 2011, respectively. It has already filed the common technical document for Elores in Europe and is planning to take this product to other international markets with the support of Lockheed Martin Foundation, Union Department of Science and Technology, FICCI and all other associated bodies.
EP News Bureau – Mumbai